Daijiworld Media Network- New Delhi

New Delhi, Jan 9: The commerce department has revised gold import values for November, reducing the initial estimate by over $5 billion to $9.8 billion. Similarly, the April-November 2024-25 gold import figure has been adjusted from $49 billion to $37.4 billion, reflecting a significant correction in trade data.

This adjustment impacts the overall import figures for the eight-month period, now pegged at $472.5 billion, compared to the previously reported $486.7 billion. For November, the revised import value stands at $63.9 billion, down from the earlier quick estimate of nearly $70 billion.

Despite November's gold imports being nearly three times the $3.4 billion recorded in November 2023, the updated figures indicate that the month was not a record-setter as previously estimated. It is now ranked as the fourth-highest month for gold imports. Consequently, the trade deficit for November has been revised downward to $31.7 billion, significantly lower than the earlier estimate of $37.9 billion, which would have marked an all-time high.

The revisions arose from an error in how the Directorate General of Commercial Intelligence and Statistics (DGCI&S) processed customs data. Specifically, there was double counting of gold moved out of Special Economic Zones (SEZs). The commerce department released the corrected figures on the DGCI&S website on Wednesday but has yet to issue an official statement on the matter.

In a note, the Global Trade Research Initiative (GTRI) highlighted concerns over the potential for similar discrepancies in other trade data. "If there was a significant error in gold import data, could similar discrepancies exist in other commodity figures or for other time periods? The government must proactively review trade data to ensure that this is an isolated case and not indicative of a broader data accuracy problem," GTRI stated.

This episode underscores the importance of rigorous data validation to maintain the credibility of trade statistics.